S.Korea opens door again for Vietnamese workers after drop in illegal stays
South Korea has agreed to receive another 2,900 workers from Vietnam for jobs in manufacturing, construction and agriculture sectors after the latter made efforts to stop its laborers from overstaying illegally. A new Memorandum of Understanding signed between the two labor ministries allows Vietnam to post 5,400 applications on the Internet under South Korea’s Employment […]
Viet Nam cuts import taxes on petroleum products
Viet Nam has started cutting import taxes levied on oil and petroleum products from today, the Ministry of Finance said. As per a ministry circular issued on April 13, import tariffs on petroleum, diesel and kerosene were reduced to 20 per cent from the current 30 to 35 per cent. Meanwhile, import taxes on fuel […]
Vietnam to relax foreign property ownership rules, boosting overseas investment
A change in policy is set to boost overseas investment in Vietnamese real estate. The new policy, effective from July 1, will allow foreigners with a valid residential visa, plus foreign companies and international organizations, to buy residential real estate in Vietnam. Currently only foreigners married to Vietnamese are allowed to buy houses. Special permission […]
PM urges end to red tape in customs procedures
The prime minister has urged the customs sector to simplify its administrative procedures to ensure a favourable business climate in line with international practice. In an announcement recently issued by the governmental Office, the PM requested the sector to review and amend legal documents following consultations with relevant bodies. The announcement also notes that the […]
MHB to be merged with BIDV
In late 2014 and at the beginning of 2015, there were rumours about banks to be merged with large ones such as Vietcombank, BIDV, and Vietinbank. Of which, BIDV was supposed to merge with Mekong Delta Housing Development Bank (MHB). However, the rumours were just rumours as no bank spoke up about this issue. On […]
India will not charge duties on VN steel
India’s Ministry of Finance has decided against imposing safeguard duties on cold-rolled flat stainless-steel products imported from Viet Nam and some other countries, according to the Viet Nam Competition Authority. The World Trade Organisation’s website reported that the Directorate General of Safeguards, under India’s Ministry of Finance, had decided to halt the investigation being conducted […]
PM pushes for SOE privatisation
Prime Minister Nguyen Tan Dung has ordered that drastic measures be taken to complete the privatisation of 289 State-owned enterprises (SOEs) within this year, stressing that benefits of the State, company employees, and shareholders must be ensured. Accordingly, 52 firms, which have had their value determined already, must be privatised within the second quarter of […]
Vietnam’s property market generates new foreign interest
Cranes operate at a residential construction site, center right, in Hanoi. Vietnam’s economic recovery is a godsend for foreign businesses to expand their investment in the property market, experts say. Photo: Bloomberg South Korean giant Lotte, after inaugurating last September Lotte Center Hanoi, a mixed-use development with offices, a shopping mall, hotels, and apartments, is now eyeing […]
MPI leader reaffirms facilitating businesses
Minister of Planning and Investment Bui Quang Vinh has affirmed that his ministry would propose the government to introduce bold measures in order to enforce a more serious implementation of the newly amended laws on Investment and Enterprise by state officials. At a dialouge with the participation of more than one hundred leaders of domestic […]
Tax procedures remain time-consuming
Despite much effort to simplify administrative procedures, the tax sector has maintained hundreds of steps and these time-consuming procedures have made life tough for enterprises and individuals. An administrative reform report presented by the Ministry of Finance at a government cabinet meeting yesterday showed that there were 432 steps in tax procedures by the end […]